As of September 15, 2015, ProShares Trust - ProShares UltraShort Telecommunications has gone out of business. ProShares Trust - ProShares UltraShort Telecommunications is an exchange traded fund launched and managed by ProShare Advisors LLC. It invests in the public equity markets of the United States. The fund takes short positions and uses derivatives such as swap agreements to invest in stocks of companies operating in the telecommunications sector such as fixed-line and mobile telephone services. It invests in stocks of companies across all market capitalizations. The fund also invests in money market instruments. It seeks to replicate twice the inverse of the daily performance of the Dow Jones U.S. Select Telecommunications Index, by using synthetic replication technique. The fund was formerly known as ProShares Trust - UltraShort Telecommunications ProShares. ProShares Trust - ProShares UltraShort Telecommunications was formed on March 25, 2008 and is domiciled in the United States.